Stephen Gunne of Property Partners Laurence Gunne has reported that they have recently sold the Monaghan NCT Centre for €361,000 at an auction held in Dublin recently, thirteen times the value of its passing rent.
The unit will be let on a 30-year-lease with 10-year break provisions at an annual rent of €27,500 to Applus, who operate the NCT’s centres across the country.
Stephen reports that from the onset, interest in the property was immense and the decision was taken to put the property to public auction.
The NCT centre attracted a large attendance, with no less than 40 bids being placed on the property during the auction.
With an annual rent just in excess of €27,500 the bidding opened at €180,000 and quickly progressed with 40 bids to €361,000.
The purchaser, a well known Galway business man had to deal with stiff opposition from two Dublin based estate agents, a local accountant and a local solicitor all acting on behalf of clients but eventually was successful in his purchase.
The joint agents were Savilles while the solicitors were Eversheds.
Joint Receivers Neil Bannon and Paul Doyle of Bannons had offered the property for sale.